Research Summary
The report discusses the performance of the cryptocurrency market in June 2023. The narrative of ‘institutions are coming’ has driven the market, with several traditional finance firms filing for a Bitcoin ETF, which has fueled positive sentiment. Bitcoin’s dominance reached 58% of the total crypto market, its highest level since April 2021. USDT’s depegging event in June did not harm its dominance, with its market share even increasing to a high of 65.1%. The report also highlights the strides made by zkSync Era, with an 88.9% MoM surge in TVL and surpassing its ‘Optimistic’ competitors in Ethereum mainnet data publishing fees.
Actionable Insights
- Bitcoin’s Dominance: Bitcoin’s dominance in the market has reached its highest level since April 2021, indicating a strong position for Bitcoin in the market.
- USDT’s Stability: Despite the depegging event in June, USDT’s market share has increased, suggesting its resilience and continued trust among users.
- zkSync Era’s Growth: zkSync Era has shown significant growth, with an 88.9% MoM surge in TVL and surpassing its competitors in Ethereum mainnet data publishing fees, indicating its growing influence in the Layer-2 sector.
